TV Channels Network Prices IPO Of 3.75M Shares At A Price Of $4/Share
TV Channels Network Inc.
This is an initial public offering of our common stock. We are offering 3,750,000 shares of our common stock, assuming a public offering price of $4.00 per share. We currently estimate that the public offering price will be $4.00 per share. We have agreed to sell to the Representative, on the applicable closing date of this offering, warrants in an amount equal to 5.5% of the aggregate number of shares of common stock sold by us in this offering (the "Representative's Warrants") (not including over-allotment shares), and are thus also registering Representative Warrants and the shares issuable upon exercise of those warrants.
TV Channels Network Inc. is a Nevada based music and entertainment technology company whose primary business is providing Streaming services to subscribers. We are currently a development stage company, and have yet to generate any revenue. Our auditors have raised doubt about our ability to continue as a going concern. We intend to offer 100 Live Linear Concert Channels, Video on Demand, and various Live TV Channels as an AVOD/TVOD Service. TV Channels Network Inc. is preparing to become the next major entertainment content provider. Our goal is to create a conglomerate in many facets. Being a diversified entertainment business with multiple sources of income should allow us to earn positive returns. Moreover, TVCN, having already secured quality live concert titles, has a solid base for future profits to the benefit of our partners and investor.
Currently, there is no public market for our common stock. We have applied to list our common stock on the Nasdaq Capital Market, under the symbol "TVCN." We cannot guarantee that our common stock will be approved for listing on the Nasdaq Capital Market, and if our application is not approved, this offering cannot be completed.
After completion of this offering, public investors in the public offering will own approximately 8.4% of our outstanding shares of common stock, other investors will own approximately 17.9% of our outstanding shares of common stock, and approximately 73.8% of our outstanding common stock will be deemed to be owned by Darryl Payne. Accordingly, we are a "controlled company" under Nasdaq corporate governance rules and are eligible for certain exemptions from these rules, though we do not intend to rely on any such exemptions.
